April 2 (Reuters) - Loar Holdings plans to list its
shares in a U.S. initial public offering, the aerospace and
defense components manufacturer said in a filing on Tuesday, in
another sign that the two-year lull in capital markets is coming
to an end.
Loar, which specializes in the design, manufacture and sale
of niche components essential for aircraft, had acquired a slew
of companies including AGC, CAV and Desser Aerospace to tap into
newer geographies.
The New York-based company is looking to cash in on an
ebullient market that recently hosted several stellar debuts,
including Reddit ( RDDT ) and Astera Labs ( ALAB ), as potential
rate cuts and strong earnings spurred a revival in IPOs.
Palo Alto, California-based cybersecurity platform Rubrik
also filed to go public on Monday.
Founded in 2012 and led by chief executive officer Dirkson
R. Charles, Loar's net sales were $317.5 million in the year
ended Dec. 31, 2023, up 33% from a year earlier.
However, it reported a wider net loss of $4.62 million for
the same period compared with $2.47 million a year earlier.
The company, which did not disclose the size of the
offering, plans to list its common stock on the New York Stock
Exchange under the symbol "LOAR".
Jefferies, Citigroup and Morgan Stanley are among the
underwriters for the offering.